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steve sedgwick following the story in thmadrid, but firs out to stefane in paris. it sounds like there will be a contrast with the spanish budget. it's tax hikes that seem to be the focus. >> in france it will be focus on tax hikes. that's the decision about to be announced by the french government. basically 20 billion euros in additional taxes in the budget for the next year. and only 10 billion euros in spending cuts. that's the plan to reach the deficit target. that's the best case scenario because the budget is based on a growth assumption of 0.8% which seems to be far too optimistic. plenty of private economists believe the french economy won't grow more than 0.3% next year. in that case, the government will need to find an additional 5 feweuro of spending cuts on t of what will be announced today. the budget will include one very symbolic measure, new tax rate of 75% for people earning more than 1 million euros per year. it will be implemented only on around 2,000 people and it will raise only 200 million euros. so that's a symbolic measure that the prime minister has been
quite a bit of time on the iberian peninsula. >> at least steve is. we've sent him down there to cover the situation on the ground and the's remarkable because we knew heading into the budget today that we might get some unrest, but i think it survived everyone how soon it began and the scale to which it has spread. speaking of which, protesters gathering in madrid raised their call for the spanish government to resign. demonstrators again clashed with police, which left 64 injured and led to 38 arrests. prime minister rajoy's reforms have proved deeply unpopular. out to steve sedgwick now who is following the story. steve, are we expecting the intensity of the protests to increase? >> i don't think we are. they've made their point in some cases violently. this is another protest scheduled for saturday evening. just have a look at what's going on in the sxaexact area. this is the neptune fountain, this is the heart of the madrid heart and we have the five star hotel that kelly i'm sure you've stayed at many a times. and this is the area which leads up to the congress, to the parliament
the u.s. economy is recovering, though. joining us now is steve murphy, a democratic strategist and managing partner at mvar, and gretchen hamill is a republican strategist and executive director at public notice. nice to have you both with us. steve, perhaps you can kick it off for us. what do you think tonight holds? >> you know, here's what barack obama has to do. the debate right now in the campaign is very heavily over economic policy going forward. that's where barack obama wants to focus. he will accuse mitt romney of seeking $4 trillion, $5 trillion in additional tax cuts for the wealthy while raising taxes on the middle class. there will be a lot of talk about that because mitt romney disputes that he would be cutting taxes -- excuse me, raising taxes on the middle class. at the same time, he's challenged. obama's challenge is not to be too cocky. with good reason, he gets cocky sometimes. he's got to be careful that he doesn't is a moment like he had in the new hampshire debate in 2008 where he said hillary is likable enough. he has to avoid that kind of characteristic
today. meanwhile steve hester has called for banks to readjust back to a more customer focused approach. speaking at the london school of economic, he said lenders need to restore good customer service to regain trust of the public and rbs is the poster child for what went wrong in banking. and eric snyderman is suing jpmorgan. the suit partly the result of a federal mortgage task force formed in january. investors lost around $22 billion and more than 100 securities. jpmorgan says the suit involves actions taken at the behest of the u.s. government. jpmorgan stock closing up 1.2%. and "new york times" says u.s. senate will try to use the lame duck session to reach a comprehend len sif deal to cut the deficit instead of a short term solution. lawmakers will reportedly agree on a specific target likely around $4 trillion over ten years and they would vote to put off the automatic tax hikes and spending cuts set to take effect in january. but with the deficit coming down payment to signal how serious they are. jim, how sdw this get resolved? >> well, i haven't heard that sister, but that'
. >> steve liesman has an interview with chicago fed president charlie evans on "squawk box." whether comments from fed officials be able to swing things around bearing in mind we've basically committed now every month to spending whatever it takes? >> no, i think they're committed. we want to hear essentially getting to congress a message that says our job is done. it's now up to you to make sure that fiscal policy sets a growth agenda that makes sense. that's what's missing in this equation. >> jack, good to see you. thanks for that. if you see any slightly bruised and feeling worse for themselves european golf fans, just point them to bed or something. we'd appreciate that. thanks for that, jack. good to see you. that's it, we'll leave and you look at u.s. futures. coming up next, "squawk box." we hope you have a profitable day. #. >>> welcome to the first day of the fourth quarter. factory data out of europe, what are calling an inevitable new recession. in the u.s., investors are preparing for friday's jobs report and barack obama and mitt romney are hunkering down for debate pre
Search Results 0 to 4 of about 5